When relocating to Washington DC from outside of “the DMV” (short for Washington DC, Maryland, Virginia) one of the biggest factors on people’s minds are around the change to their cost of living. Is it expensive? Is it overpriced? What’s considered affordable?
In this video we’ll answer some of the most common questions regarding the cost of living not only in Washington DC but also neighboring Montgomery County in Maryland and Fairfax County in Virginia.
Give it to me straight: cheap or expensive?
Expensive.
The Washington DC metropolitan area consistently ranks among the top 5-10 most expensive areas to live in the United States, coming in at being around 56.1% more expensive than the national average finding itself somewhere between Boston (cheaper) and New York City (the next, most-expensive area).
The higher cost of living is generally found in the significantly higher cost of housing compared to the rest of the US (nearly double the nationwide average) as well as higher-than-average cost of transportation and food.
What are the most affordable cities in Montgomery County (Maryland)?
In order of affordability (most to least affordable), here is how cities along the I-270 corridor stack-up
- Montgomery Village, MD
- Clarksburg, MD
- Germantown, MD
- Poolesville, MD
- Gaithersburg, MD and North Potomac, MD
- Olney, MD
- Silver Spring, MD
- Potomac, MD and Rockville, MD
- Bethesda, MD and Washington DC
Parting thoughts …
COVID-19 changed a lot about how we live, especially in highly-populated cities with many major employers. Places with big tech companies, government institutions, and research centers tend not to be quite as volatile as areas that highly depend on more volatile industries.
Washington DC remains one of the most stable and thus competitive markets in large part due to its proximity to the capital, military bases, company headquarters, and the infrastructure built to support and sustain its residents.
The video provides a lot more in-depth insights and comparisons including how the rental market looks, but ultimately, if you’re looking to move to the area, it’s good to have a local resource you can turn to give you a royal (and more importantly, educational) welcome.
If you’d like to reach out, the best way is to DM us on Instagram @musicianrealtor and @hawthomes or instantly schedule a quick chat with us below!